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Ringgit declines against US dollars

KUALA LUMPUR: The Ringgit declined a tad against the dollar in early session today as the greenback soared after the Federal Open Market Committee (FOMC) cut the interest rate by 25 basis points.

According to Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid, the 25 basis point cut and Fed Chairman Jerome Powell remarks seemed to have upset the market.

The US dollars has been gaining more strength recently which could definitely impact other market currencies. In Yesterday, however, the Ringgit still perform higher than other major currencies on the market including Singapore Dollar, Japanese Yen to name a few.

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